The Crypto Daily – Movers and Shakers – November 5th, 2021

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Updated: Nov 5, 2021, 00:53 UTC

Following another mixed day for the majors on Thursday, a Bitcoin move back through to $62,500 levels should support the broader market.

Pattern of coins LTC, ETH, BTC, XMR, XRP on a dark background. Business concept.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Thursday.

Crypto.com Coin rallied by 10.61% to lead the way, with Bitcoin Cash SV (+1.65%) and Polkadot (+3.37%) also bucking the trend on the day.

It was a bearish day for the rest of the majors, however.

Cardano’s ADA and Chainlink led the way down, with losses of 3.82% and 2.94% respectively.

Binance Coin (-1.65%), Ethereum (-1.50%), and Litecoin (-2.10%) also struggled.

Ripple’s XRP fell by a more modest 0.79%, however.

In the current week, the crypto total market fell to a Monday low $2,527bn before rising to a Wednesday high $2,804bn. At the time of writing, the total market cap stood at $2,693bn.

Bitcoin’s dominance rose to a Monday high 44.39% before falling to a Wednesday low 42.76%. At the time of writing, Bitcoin’s dominance stood at 43.01%.

This Morning

At the time of writing, Bitcoin was down by 0.09% to $61,361.0. A mixed start to the day saw Bitcoin fall to an early morning low $61,336.0 before rising to a high $61,497.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Crypto.com Coin bucked the early trend, rising by 2.59%.

It was a bearish start for the rest of the majors, however.

At the time of writing, Ripple’s XRP was down by 0.93% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $61,727 pivot to bring the first major resistance level at $62,755 into play.

Support from the broader market would be needed for Bitcoin to break back through to $62,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Thursday’s high $63,067.0 would likely cap the upside.

In the event of an extended rally, Bitcoin could test resistance at $65,000 levels before any pullback. The second major resistance level sits at $64,094.

Failure to move through the $61,727 pivot would bring the first major support level at $60,388 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$59,000 levels, however. The second major support level at $59,360 should limit the downside.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.